Current Attempt in Progress

Waterway Company borrows $$45,000$ on July $1$ from the bank by signing a $$45,000,8\%,$ one$-$year note payable.

$($a$)$ Prepare the journal entry to record the proceeds of the note.

$($b$)$ Prepare the journal entry to record accrued interest at December $31,$ assuming adjusting entries are made only at the end of the year.

$($Credit account titles are outomatically indented when amount is entered. Do not indent manually Record journd entries in the order presented in the problem.$)$

No$.$

Date

Account Titles and Explanation

Debit

Credit

$($a$)q,$

$q,$

$q,$

$($b$)q,$

$q,$

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